Fiat SpA Chairman Luca di Montezemolo has confirmed that Alfa Romeo is not for sale “under any circumstances.” Montezemolo’s words come after reports suggested the money-losing brand could be sold to Volkswagen AG.

“We will present the new Alfa that substitutes the 147 and we think there are also very important opportunities for Alfa Romeo in the United States,” Montezemolo told Reuters.

Sanford Bernstein analysts said on Dec. 10 that “Alfa may not be expensive and its cars would fit on VW’s platforms.”